2 ms·
Technically, you'd need two bidders if this is an open auction, or you'd also have to explain why you outbid second place by so much. And to answer my own ques
by jldugger 5y ago
Technically, you'd need two bidders if this is an open auction, or you'd also have to explain why you outbid second place by so much.
And to answer my own question: apparently it's not required for auction houses to vet buyers, and this has been discovered by russian oligarchs evading US sanctions. Congress passed a law on Jan 1 to make that illegal -- overriding Trump's veto, naturally. It specifically mentioned 'antiquities' so presumably people are testing the waters elsewhere.
- antihipocrat 5y agoI was confused as to how the buyer would escape scrutiny as well.. So the answer is that if the buyer isn't vetted, then the seller could pretend to be multiple buyers and bid up the price to the desired amount. The settlement would then be made (or at least documented as being made) in cash.